Initial risk: 27 Result: +36
Thursday, August 4, 2011
Thursday, Aug 4, 2011 AUD/USD
I went short on AUD/USD after an ETF into strong support. If the market was bullish you would expect to see buying immediately after instead of two narrow spread bars. There were two stopping vol bars in the background which is strength, however the fact that they produced no result is a countermanding indication and shows weakness. When I was in profit 34 pips I moved my SL above support and just a little above where I entered. If I had moved my SL to break even I would have been stopped out, which brings me to an important point: THE MARKET DOES NOT CARE ABOUT YOUR MONEY MANAGEMENT RULES. As a trader it is important to manage your money correctly, however you must also take into consideration what the market is doing and put your SL's in relevant areas. I closed the trade because I saw strength coming in.
Initial risk: 27 Result: +36
Initial risk: 27 Result: +36
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Shame you got out where you did. With that two bar reversal just before your get out bar i'd have probably stayed in or tightened a stop to the top of the bar you got out on. I can see why you decided to exit all the same. Nice trade!
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